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Saudi Reinsurance Co. (Saudi Re) received, on May 25, the Saudi Central Bank’s (SAMA) approval to increase its company’s capital from SAR 891 million to SAR 1.336 billion by way of rights offering. 

 

The decision is conditional on the company’s fulfillment of the remaining regulatory approvals. SAMA’s approval is valid for one year from May 26, the company said in a statement to Tadawul.

 

Any relevant updates will be disclosed later, the statement added.

 

In April, Saudi Re’s board of directors recommended a capital increase through a SAR 445.5 million rights issue, Argaam reported.

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